BC Partners Real Estate and Hova Hospitality have acquired a portfolio of 30 hotels in Germany, in partnership with B&B Hotels. The portfolio was sold by AccorInvest and comprises 2,308 rooms, located in various cities across Germany.
The purchasers said the hotels will undergo a major refurbishment programme, including a comprehensive energy efficiency upgrade. The entire portfolio will be operated by B&B Hotels via long-term, CPI-linked leases.
Konrad Stoebe, managing director at BC Partners Real Estate, said: 鈥淭his major transaction is part of our drive to increase our exposure to the hotel market in Europe. After Edgar Suites, we are continuing to invest in this sector alongside our industry-leading partners, B&B Hotels and Hova Hospitality.
鈥淭he investment also represents a further attractive addition to our portfolio in Germany, where we continue to identify attractive opportunities across sectors.鈥�
Dominique Ozanne, chairman of Hova Hospitality, said: 鈥淲e are delighted to complete our first transaction with BC Partners Real Estate and to strengthen our partnership with B&B Hotels. Following this acquisition, we will have 120 B&B Hotels under management. In total we will achieve assets under management of 鈧�2.5bn with a portfolio of 200 hotels in nine countries.鈥�
Arno Schwalie, CEO for central and northern Europe at B&B Hotels, added that the acquisition 鈥渕arks a significant milestone in the strategic development of B&B Hotels, by completing a complex, multi-asset transaction together with our partners BC Partners Real Estate and Hova Hospitality鈥�.
He said: 鈥淭he new locations will enable us to expand our position as a leading provider in the value-for-money segment. Our focus is on ensuring long-term success through targeted modernisation and sustainable investments and offering our guests the best value.鈥�
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